Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-04-06

cable, not later than April Goth next.
3. The powers and functions Of the com
mittee hereby created shall cease and de-
termine whenever the General Assembly
shall fix time for adjournment sine die.
On the evening of the same day the Gov
ernor sent the following cablegram to the
British bondholders:-
COMMONWEALTH OF VIRGINIA.
GOVERNORS OFFICE,
RICHMOND. March 20, 1887
Right Honorable E. P. Bouverie, Chairman
Of Virginia Committee, Corporation of
Foreign Bondholders, London, England:
A joint committee of three senators and
five representatives has been appointed by
the Legislature to receive in Richmond q
commission from your Council at as early
a day as practicable not later than April
Goth next. This legislative committee is
charged with ''the duty OF meeting your
commission and ascertaining what amount
of the bonds of Virginia is owned or con-
trolled by said Council of Foreign Bond
holders; to demonstrate to said commission
the inability of the people of the State to
bear greater burden of taxation, and also
to show what are the revenues and the
necessary expenditures of the government
and the av ailable revenues for the payment
of interest, and to point out to them that
which addresses Itself to their interest as
well as to the interests of the State" A
conference of your representatives with
this legislative committee is particularly
desirable now, because the General Assem-
bly, being in session can act at once on the
result reached by the joint commission.
FITzHUGH LEE.
Governor of Virginia.
The cablegram cost $24.36.
GOV. LEE.
The following letter was handed to the
Governor Thursday by Mr.. james P. Coop
err, financial agent of the foreign bondhold-
ers:
COUNCIL OF FOREIGN BeNDHoLDERs,
II MoRGATE STREET,
LONDON, March 18th, 1887.
TO His Ercezlency Gen. Fitzhugh Lee, Co..
ernor Of the State Of Nirginia, Richmond,
Virginia, .. S. H.:
Sir,-In view of the extra session of the
Virginia Legislature, which it is understood
has been summoned for the purpose Of con-
sidering, among other things, the present
condition of the State debt, the Council of
the Corporation of Foreign Bondholders
and the Committee of English Virginia
Bondholders, acting in conjunction with
the council, beg leave to invite your atten-
ton to their letter to your Excellency dated
Sth October, 1886, handing you copies of
the resolutions passed at public meeting
of the Virginia bondholders, held in this
city On the oath of September last, wherein
they expressed their willingness to meet
the State in fair and liberal spirit, and to
accept compromise of their demands on
the State, based on the ability of the State
to discharge it's obligations without raising
the present rate of taxation.
In order to render more effective any &C
ton which the committee may take, and
with the object of bringing the bondholders
under one representation SHOULD the con-
summation they earnestly desire be arrived
at), the committee have lately called ON
Virginia bondholders to deposit their bonds
on trust with the Corporation of Foreign
Bondholders. The following is an extract
from the Conditions and Objects of De-
post of Bonds set forth on the certificates
of deposit:
"The object of the deposit of the bonds
and coupons is to invest, and the party
lodging the same as holder thereof there
by invests the Corporation of Foreign Bond
holders with the following powers, exer
disable in concurrence with the Comm ittee
of Virginia State Bondholders:
(d.) To act as the representatives of the
holders for the time being, collectively aud
individually, of all bonds aud coupons de-
posted for all purposes, and with all the
powers which such holders themselves have
or can exercise in relation to their rights
as such holders.
o. To negotiate and (when ratified BY
resolution of general meeting of certifi-
cate holders) to conclude arrangements
with the State of Virginia or others in re-
lation to the said bonds and coupons on any
terms, and to carry the same into effect by
presenting the same bonds and coupons to
the proper authority, and exchanging them
for other securities or otherwise; and to
generally act in all things as they may
think expedent in the interests or on be-
half of the bondhOlders.
(c.) To delegate any Of such powers to
any person or persons.
The Corporation of Foreign Bondholders
is is public body mot private company
or undertaking. constituted by special
charter of the Board Of Trade for public
purposes, and especially to represent and
protect the interests of foreign bondholders,
and it is precluded by its charter from
dividing any profits amongst it's members.
The gentlement constituting the Virginia
com mittee, acting in conjunction with the
Corporation of Foreign Bondholders, dis
claim any feelings of hostility towards the
State, and desire only to secure for their
constituents what they conceive to be a
reasonable recognition of their rights, and
to arrange such matters as are in dispute
in an amicable manner and on basis which
shall be satisfactory to both parties.
The Corporation of Foreign Bondhold-
ers have effected arrangements concerning
the public debts of the following States,
whose total. Indebtedness amounted to
1878. 745, 600, viz Spain, Turkey, Egypt,
Mexica, Venezuela, Costa RIGA, Paraguay,
Uruguay, Greece, Bolivia, Colombia, etc.
The committee Of Virginia Bondholders
are of opinion that a fair settlement can be
arrived at, and that any arrangement which
commends itself to them will be cheerfully
accepted by the bsndholders at large.
They would, however, remind your Excel
lency that the longer a settlement is de-
ferred the more difficult it will be to secure
tho unanimous support of the bondholders,
whose claims naturally increase as time